The American Pet Products Manufacturing Association estimates that people in the United States will spend $43.4 million on their animals this year, as compared to a paltry $41.2 million in 2007. What is it that we’re spending so much of our disposable income on? Laura Bennett, CEO of Embrace Pet Insurance has this to say about pet trends in 2008.
We are upgrading basic purchases like pet supplies and over-the-counter medicines to make sure Fido and Fluffy have nothing but the best.
Spa visits, hotel-style accomodations, funeral home services, and grooming are but a few of the services pet parents seek out for their furry children.
At least 38 states allow people to set up a trust fund that will take care of their pets when the guardian dies. (Remember how everyone made fun of Leona Helmsley?)
High-tech medical care is becoming increasingly commonplace as pet parents demand that their four-legged kids be treated as well as the 2-legged variety.
Pet insurance has become big business, with premiums adding over $200 million annually to the insurance companies’ revenues.
Designer hybrid “breeds” command a high price from breeders. I think everyone needs a purse pet!
Large companies such as big box retailers are getting into the game, offering more pet selections at “mainstream” stores.
Pet blogs (such as this one!) are gaining influence in the wake of the pet food recall last year, when millions turned to them as information sources.
Hotels are beginning to offer premium accomodations and services for people who can’t bear to leave Poochy at the kennel.
Until next time,
Good day, and good dog!